Nippon Life cuts its Olympus stake to 4.9%

KanaInagaki

TOKYO (MarketWatch) -- Major shareholder Nippon Life Insurance Co. said Thursday that it sharply reduced its stake in Olympus Corp. (7733.TO), citing uncertainty after the company admitted covering up investment losses over two decades.

Nippon Life reduced its stake to 4.9% from 8.1%, according to a regulatory filing the company submitted Thursday. The company was the largest shareholder in Olympus with a 8.26% stake as of the end of March.

The company said it sold part of its stake from the viewpoint of protecting client profits, but added it will continue to support the Japanese maker of cameras and medical-imaging equipment.

"We believe the strengths of its core business and its advanced technology have been maintained so our basic stance at this point is to continue supporting the company," Nippon Life said in a statement, also citing the public nature of Olympus' operations.

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